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|Subject: 82 year old needs advice||Date: 7/28/2002 4:02 PM|
|Author: Tutomu||Number: 8033 of 19515|
Hi board members!
Need some feedback from this board for my 82 year old uncle who came to me for advice.
His question: How should I be investing my retirement savings?
Home: $275,000 (no mortgage)
Needs to generate $1,000 a month
Right now he has an investmenet account with a financial services/broker/investment bank etc. His present account is 50/50 cash and sercurities. He seems to be in good health, but believes that he may only have 3 or 4 years left. The current market situation makes him very nervous. He continually updates his losses daily (by hand). He has lost less than 5% of portfolio in the recent downturn, which he calculates into his the hourly wage he made 18 years. Even a twenty dollar loss on day makes him sick to his stomach.
My advice to him was: Hire an independent advisor and or tax accountant who will probably tell him to sell his stocks for some fixed income securities and enjoy your remaining days.
I haven't been able to find much advice for 82 year olds at the Fool, but I suggested that since his outlook is less than 5 years he might want to consider getting out of stocks.
What would you do? Thanks.
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